New World bank President Unfolds
Agenda
World
Bank President, Mr. Robert Zoellick has unveiled the
institution’s priority areas as he marks his first 100 days at
the World Bank.
Zoellick on Wednesday, in a
policy speech outlined a strategic direction that would position
the institution to better deal with challenges in the developing
world caused by globalisation.
The speech comes as he
prepares for his first meeting of the bank's 185 shareholders in
Washington, next week.
The Plan
Since joining the World Bank in
July, Zoellick has sought to direct its energy towards its
mission of fighting global poverty, including a fresh take on
how the bank could help not only poor countries, but also
fast-growing emerging economies, Arab states that feel
under-served by the institution and nations emerging from
conflict.
Recently, he reached a
compromise with the bank's 24-member board that increased the
bank's contribution to a fund for its poorest countries with the
help of profits from its arm that lends to the private sector,
the International Finance Corporation, IFC.
The move gives the IFC a bigger
role in poor nations while adding a private-sector component to
a fund whose main function has been providing loans and grants
to countries in dire need of infrastructure.
Actions
By contributing $3.5 billion
of the bank's own resources to the International Development
Association, IDA, Zoellick has challenged donors to increase
their contributions to the fund for the world's 81 poorest
countries.
To ease complaints by emerging
countries that the IFC profits should have gone towards finding
solutions for undeveloped markets and social needs in their
countries, Zoellick cut the bank's lending rates to emerging
markets.
Also last week, the bank
launched a $5 billion bond fund to help emerging economies
develop their local capital markets.
REU/MIA
